Daily Market Update: 24 April 2026 – Gold Climbs to $4,709 as Markets Digest SARB and Eye FOMC
Markets entered a consolidation phase on Thursday as investors digested the SARB’s hawkish monetary policy review and began positioning for next week’s US Federal Reserve FOMC meeting. Gold continued its recovery, the JSE steadied, and the rand found support from South Africa’s attractive interest rate differential.
🥇 Gold (XAU/USD): Steady Climb Continues
Gold rose to approximately $4,709 per ounce, gaining 0.24% on the session and marking its third consecutive daily gain. The precious metal benefited from a confluence of supportive factors:
- Stalled US-Iran talks: Reports that Tehran has demanded additional sanctions relief before returning to the negotiating table
- Pre-FOMC positioning: Investors adding gold as a hedge ahead of next week’s Fed decision
- Central bank buying: Continued purchases from Asian central banks, with China reportedly adding 15 tonnes in the first quarter
Gold in rand terms climbed to approximately R77,700 per ounce, providing sustained support for JSE-listed gold producers.
📊 JSE: Stabilising After SARB-Driven Sell-Off
The FTSE/JSE All Share Index (ALSI) recovered modestly to close at approximately 116,566 points, up 0.10% from the previous session as buyers emerged after Wednesday’s decline. The Top 40 Index steadied around 108,200.
The market’s resilience was notable given the hawkish SARB backdrop. Sector rotation was evident, with money flowing out of rate-sensitive financials and property into resources and rand-hedge stocks:
- Gold miners: AngloGold Ashanti +1.8%, Harmony Gold +2.1%
- Diversified miners: BHP and Anglo American gained on firmer commodity prices
- Banks: Continued to underperform, with the Banking Index flat after Wednesday’s 1.5% decline
💰 Rand (USD/ZAR): Finding Support
The rand strengthened to approximately R16.50 per US dollar, recovering 0.74% from the previous session. The currency found support from South Africa’s relatively high real interest rates, with the SARB’s 6.75% repo rate offering a meaningful premium over the US Fed’s 3.75% — an attractive proposition for carry trade investors.
The improving tone was also supported by comments from Iranian Foreign Minister Araghchi, who indicated he would travel to Islamabad for further discussions, raising cautious hopes of a diplomatic breakthrough.
🌍 Global Context
US markets traded higher, with the S&P 500 gaining 0.4% ahead of a busy earnings week. The US 10-year Treasury yield held at 4.10%, with markets pricing in a near-certainty that the Fed will hold rates at the FOMC meeting. European markets were mixed, while Asian equities gained on positive Chinese manufacturing data.
🔍 Looking Ahead
Tomorrow marks Freedom Day (27 April is on Monday, but the long weekend mood may start early). Key events to watch over the coming days:
- Iranian FM Araghchi’s Pakistan visit: Any signals of progress in peace talks could move markets significantly
- US FOMC meeting (28-29 April): Rate decision and statement will set the tone for global markets
- SA trade balance data: Expected later this week, will reflect the oil import impact
Investors are advised to maintain diversified portfolios during this period of elevated uncertainty, with particular attention to balancing rand-hedge and domestic exposures.
This article is provided for informational purposes only and does not constitute financial, tax, or investment advice. Old Mutual Secunda is an authorised Financial Services Provider. Past performance is not indicative of future results. Always consult a qualified financial adviser before making investment decisions. Old Mutual is a Licensed Financial Services Provider (FSP 604).
